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obviously, this is a big issue, but we have to deal with growth. the last jobs report, that is pretty embarrassing. it is embarrassing when you think we have more graduates in minnesota that we have jobs coming out nationally, so knowing that that is the case, we want a tax burden that is going to promote work, savings, and investment. what should be the focus on that in the context of debt and equity? ms. olson? >> a consumption tax, and there are many ways to get there, like a comprehensive tax that congress may look at to move in that direction. >> i largely agree with that. i think what we're aiming for, i think a lot of us agree on that the broad base of the rates is a place to start in to try to reduce the distortions in the code that lead not only to a reduction in the tax revenue but an incentive to engage in wasteful tax planning, from a long-term economic perspective, it is not encouraging long-term growth. >> and we have a lot that comes from panelists about lowering the rate and the context of helping small businesses, if there are any
obviously, this is a big issue, but we have to deal with growth. the last jobs report, that is pretty embarrassing. it is embarrassing when you think we have more graduates in minnesota that we have jobs coming out nationally, so knowing that that is the case, we want a tax burden that is going to promote work, savings, and investment. what should be the focus on that in the context of debt and equity? ms. olson? >> a consumption tax, and there are many ways to get there, like a...
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there is a big buy as towards debt, including the financial sector. it makes no sense to have tax code point in the opposite direction. i worked a great deal with regulators, and i am supportive of what they're trying to do, but it is not enough. there are constrained by the international regulation, including bottle 3. -- including basil 3. why should we regard that as the last word on appropriate constraints on the extent of excess of leverage? i agree with mr. fleischer, there are many ways to tax excessive leverage, including thin capitalization tax. the imf made a good report to the g-20 on these issues. >> thank you very much. >> you said that a lower corporate tax rate would remove pressure on the debt over equity. can you explain how that would address the debt equity bias that we have heard about? >> the most simple version of this is the entity level taxation is part of the problem. reducing that rate ends up taking away that distortion to some agree. but a kind of goes further. one of the problems is not just that in the aggregate for nonfi
there is a big buy as towards debt, including the financial sector. it makes no sense to have tax code point in the opposite direction. i worked a great deal with regulators, and i am supportive of what they're trying to do, but it is not enough. there are constrained by the international regulation, including bottle 3. -- including basil 3. why should we regard that as the last word on appropriate constraints on the extent of excess of leverage? i agree with mr. fleischer, there are many ways...
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it is your job, and that is why you get the big bucks. >> mr. green was asking about william cullen bryant and whether history was kind to him. giamatti wasul they mon kind to you? >> i have not seen it. >> his beard was like yours. let me turn to the fiscal restrictions that have come into play. it looks like there was a huge surge in federal spending. and my reading about rights? >> it looks like 2009. >> i see what you are saying. yes, sir. >> there was a big expenditure, but in the first quarter of this year, a substantial drop. am i reading that right? >> yes. >> in my law practice i did a lot of chapter 11 bankruptcy work, and i do not think this country is near bankruptcy. we have fiscal management and we have to undertake, but you do not pay every bill overnight, because that puts you back into the troubles you are already in. i believe this country is going to keep going. how would you explain the cuts that keep happening in this quarter. is that how you would like to see fiscal policy? >> sorry not to be to direct. i will not get into
it is your job, and that is why you get the big bucks. >> mr. green was asking about william cullen bryant and whether history was kind to him. giamatti wasul they mon kind to you? >> i have not seen it. >> his beard was like yours. let me turn to the fiscal restrictions that have come into play. it looks like there was a huge surge in federal spending. and my reading about rights? >> it looks like 2009. >> i see what you are saying. yes, sir. >> there was a...
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big deal for the u.s. if they win. they won last in 1999. >> i guess you say abby wambach is the next brandi chastain. >> now you have abby. >> she is really a big star to watch. i mean, the u.s. team itself, the favorites to win the competition, you know, there is all of this anti-american sentiment around the world, right? but on sunday, this weekend, the entire world and a lot of people in germany are really rooting and cheering for the u.s. to win because it hasn't been a big sport in the united states the way it is around the world. for this team to be victorious is really amazing. by the way, i found a good fact for you, kyra. football/soccer used to be calls pig's bladder because they blew up a pig's bladder and tied it on both sides and started to kick it around. they can use it as a nickname and say we are going to pay a little pig's bladder. just a little useless information feed for the weekend. >> sounds like a rock band more like. we expect live shots from the game, zain. we look forward to seeing you from
big deal for the u.s. if they win. they won last in 1999. >> i guess you say abby wambach is the next brandi chastain. >> now you have abby. >> she is really a big star to watch. i mean, the u.s. team itself, the favorites to win the competition, you know, there is all of this anti-american sentiment around the world, right? but on sunday, this weekend, the entire world and a lot of people in germany are really rooting and cheering for the u.s. to win because it hasn't been a...
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i believe our constitutional responsibility is not being fulfilled if we end up with some big-deal big on august 1, and we're told it's got to be passed by august 2, and you can find out what's in it after we pass it. i'm not there. count me out. senator toomey, we had more people wanting to get on the budget committee this year. they were so excited. it was the most wanted committee to be on in the entire senate, and we've not done anything. you were selected to be on the committee, which is a tribute to your experience. i guess i would ask you, how do you feel about where we are? mr. toomey: senator sessions, first of all, thank you for raising this issue because i do think this is a very, very important issue. many of us wanted to be on the budget committee because we see what a critical moment our country is in. we see the very dire straits that we have put ourselves in because of the fiscal irresponsibility of washington. and some of us believe that we don't have a lot of time to get this in order. and so i was looking forward to the opportunity to serve on the committee that woul
i believe our constitutional responsibility is not being fulfilled if we end up with some big-deal big on august 1, and we're told it's got to be passed by august 2, and you can find out what's in it after we pass it. i'm not there. count me out. senator toomey, we had more people wanting to get on the budget committee this year. they were so excited. it was the most wanted committee to be on in the entire senate, and we've not done anything. you were selected to be on the committee, which is a...
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we do not get the big loopholes. they do. guest: again, i think that comment is reflective of a reality -- and i keep saying this -- that has been up there. it has given us a lot of strength to be able to say, we are going to fight for social security, fight for medicare, fight for the progressive budget to be in the discussion because that is what we are getting back from the american people. we are confident that we are taking their message to d.c. sometimes we will run afoul of our own leadership, our own president in these discussions, but our intent is not to repeat president for our leadership. our intent is to be independent voices for what we think is the american reality that nobody is talking about. host: congressman grijalva is the co-chair of the caprogressie caucus. we are now or to turn our attention to this issue in the detroit free for us this morning -- in the detroit free press this morning, betty ford. up next is noella rodriguez, who worked several years for laura bush. we will be talking to our about the
we do not get the big loopholes. they do. guest: again, i think that comment is reflective of a reality -- and i keep saying this -- that has been up there. it has given us a lot of strength to be able to say, we are going to fight for social security, fight for medicare, fight for the progressive budget to be in the discussion because that is what we are getting back from the american people. we are confident that we are taking their message to d.c. sometimes we will run afoul of our own...
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that is the other big thing. if we don't get a debt deal we might get higher interest rates which will hurt job growth so it is a pretty rough situation. jon: some of the countries like germany, didn't stimulate like we did and still came out of this pretty well, right? >> they did. germany is a actually a very good example of that. look at some of the other european countries not in such good shape. we heard talking about a moment ago will we turn into the next greece? there are key difference what we have as an advantage versus what is going on in europe. to me is interest rates. our interest rates is very, very low here. that is why the debt debate is very important debate. if we come through it and we don't have a deal by august 2nd we will have higher interest rates. that is what is going on a in europe. that is very difficult for them to borrow money. we can still borrow at very low rate. that is one of the advantages. there is question how long that will be there for. jon: when you read the numbers it is h
that is the other big thing. if we don't get a debt deal we might get higher interest rates which will hurt job growth so it is a pretty rough situation. jon: some of the countries like germany, didn't stimulate like we did and still came out of this pretty well, right? >> they did. germany is a actually a very good example of that. look at some of the other european countries not in such good shape. we heard talking about a moment ago will we turn into the next greece? there are key...
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august 2nd is the big date that's looming. perhaps a temporary fix is not going to do the job to just delay the payment. >> the president adamant that he is not going to extend that august 2nd date. we'll have to see who gives here because there's got to be a compromise. >>> world leaders are condemning a deadly terror attack in mumbai that killed at least 17 7 ople and injured dozens more. three cocodinated bombs tore through the city's busy financial district during the evening rush. so far there's been no claim of responsibility. but indian officials blame the attack on terrorists with links to pakistan. >>> and the british phone-hacking scandal has spread to the u.s. capitol hill lawmakers demand an investigation into whether reporters from rupert murdoch's papers tried to get phone records of 9/11 victims. as lama hasan reports, the scandal forced murdoch to back off of his expansion plans. >> reporter: in a stunning reversal of f rtune, rupert murdoch has withdrawn his $12 billion bid to fully own the satellite broadcast
august 2nd is the big date that's looming. perhaps a temporary fix is not going to do the job to just delay the payment. >> the president adamant that he is not going to extend that august 2nd date. we'll have to see who gives here because there's got to be a compromise. >>> world leaders are condemning a deadly terror attack in mumbai that killed at least 17 7 ople and injured dozens more. three cocodinated bombs tore through the city's busy financial district during the evening...
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that's a big, big step forward. [applause] [applause] >> same thing happens with the lgbt community. we know that a lot of the health needs are not being met. we're not even collecting accurate health data for needs that folks have in the lgbt community. we have done a lot at the frontline of one the agencies dealing with this issue. we started with a lot of administrative changes. so changing the laws for hospital visitation, it's no longer okay for hospitals to pick and choose who gets to come into a persons room at the end of their live or when they are in a health emergency. the patient get to designate who their family is and who their loved ones are. if you want to get paid by medicare, that rule is changed. very big deal. [applause] >> we've changed and listed the hiv/aids travel ban. it used to be up until six months ago, if you were confirmed with hiv/aids, you could not travel into the united states. you didn't get legal visa in order to travel. that's now gone. so we know have lifted the travel ban, lifte
that's a big, big step forward. [applause] [applause] >> same thing happens with the lgbt community. we know that a lot of the health needs are not being met. we're not even collecting accurate health data for needs that folks have in the lgbt community. we have done a lot at the frontline of one the agencies dealing with this issue. we started with a lot of administrative changes. so changing the laws for hospital visitation, it's no longer okay for hospitals to pick and choose who gets...